Our lawyers produce a wealth of substantive, timely and practical guidance and resource materials. Subscribe to receive updates based on your interests.
The Federal Reserve has opened the Main Street Lending Program to nonprofits. Main Street loans are complicated, and the fact that Main Street’s nonprofit lending facilities were bolted…
We have updated our memo on the legal architecture of the Main Street Program to reflect the expansion of the program and the revised program documents that the Federal Reserve announced…
It is back to the future. Federal Reserve Chairman Powell pledged last night to fight the impact of the coronavirus (COVID-19) by using the “full range of tools” available to support…
On Friday, December 6, 2019, New York Governor Andrew M. Cuomo signed legislation enacting the Uniform Voidable Transactions Act (“NY UVTA”) and repealing Article 10 (§§ 270-281) of New…
A key feature of many modern credit agreements is an “incremental” or “accordion” provision, which can allow a borrower to increase the aggregate amount of financing available under a…
In a typical “term loan B” (TLB) financing, the initial lenders expect to distribute the TLB paper to investors prior to funding. But what happens when that expectation cannot be met, or…
LIBOR is expected to be phased out by 2021 but US corporates continue to issue LIBOR-based floating-rate notes (FRNs). Although the defined term “LIBOR” in FRN indentures typically includes…
The Leveraged Lending Guidelines are in an uncomfortable state of limbo. After the GAO ruling that the Guidelines are a “rule” under the Congressional Review Act, they are no longer…
Or, Some Perspective on Indenture Language Restoring the Commercial Understanding of “Make-Whole” Premiums That Prevailed Before Summer 2016
A covenant review service recently proclaimed…
Companies will often enter into interest rate swap agreements in order to hedge their exposure to interest rate risk stemming from floating-rate debt. These hedging arrangements are…